‘I’ve never seen turmoil like it,’ says PwC UK chief as accounting giant’s profits fall

• PwC UK reported a fall in profit of 14%; partners’ pay fell to £906,000 from £1m
• PwC boss Kevin Ellis said high-level corporate dealmaking remained sluggish

PwC has experienced more ‘political and economic turbulence’ over the past year than ever before, its UK boss revealed yesterday.

Kevin Ellis was speaking as the UK arm of the accounting and auditing giant published results for a period which has seen three prime ministers and a bond market meltdown, as well as inflation at the highest level for four decades.

PwC UK reported a fall in profit of 14 per cent and partners’ pay fell to £906,000, down from just over £1million a year ago.

Despite this, PwC UK reported a 16 per cent rise in revenues to £5.8billion for the year to the 12 months to the end of June.

Ellis told the Mail: ‘In my working life, we haven’t seen a year like this year in terms of political and economic turbulence, so I’m quite comforted with how we performed against that backdrop.’

PwC’s consulting services division is its biggest earner and saw 30p per cent growth in sales to £1.72billion.

Ellis said high-level corporate dealmaking – a key part of its business – remained sluggish. He said: ‘We’re still waiting for the moment when the deals market goes gangbusters again.

‘What everyone’s waiting for is certainty around inflation and interest rates. Then deals will take off again.’